University of Louisville men’s basketball coach Rick Pitino has said he wants to end his successful coaching career with the Cardinals.
And now it appears that will surly happen.
Pitino, who just turned 60, signed a five-year contract extension with U of L that will keep him as the schools coach through the 2021-22 season.
"I was born a New Yorker and I want to die a Kentuckian," Pitino said. “There’s no other place that I would wan to be but right here.
”As long as I am healthy, I want to do this as long as possible.”
Pitino’s $3.9 million base salary remains the same under the new contract, but he will now earn a $600,000 retention bonus every other years beginning in 2014. The new deal also includes incentives for being chosen Associated Press Coach of the Year ($100,000) and winning Big East title ($50,000).
The current contract was extended in March 2010 and was to run through 2017. Pitino will be 70 when the new contract ends.
”He’s been tremendous for this community,” Jurich said. “He’s meant so much to this program. He’s a great icon in this community.”
Pitino led the Cardinals to the Final Four last season and is starting his 12th year at the helm of the program. U of L is picked as one of the top teams in the country and the Big East Conference favorites.
“I don’t know if I could live without basketball,” Pitino said. “And I don’t know that I could ever live without this place.”
Here’s a look at the new contract:
x-denotes a change from previous contract.
Base salary and retention contribution - $3,900,000-x
Retention bonuses - $600,000 on April 1 of 2014, 2016, 2018, 2020 and 2022.
Performance incentives - Big East Tournament championship $50,000-x; Big East regular season or co-championship $50,000; Sweet 16 appearance $50,000-x; Elite Eight appearance $50,000-x; Final Four appearance $75,000-x; NCAA national champion $150,000-x; Associated Press Coach of the Year $150,000-x.
Academic incentives - Team GPA of 2.25 $25,000-x; Team GPA of 2.50 $50,000-x; Team GPA of 2.75 $75,000-x; Team GPA of 3.00 $100,000. APR of 950 or better (beginning 10/13) $50,000
Some other items - Courtesy car; Country club membership; university benefits (health, retirement, term life, disability.
There is no buyout clause.